GRAIN HIGHLIGHTS : Top Stories of the Day

TOP STORIES:

Corn Higher on Surging Export Demand

Corn for May delivery rose 2% to $5.49 1/2 a bushel, on the Chicago Board of Trade Monday, amid confirmation of better demand for U.S. corn among export buyers.

U.S. inspections of corn exports jumped this week, providing hope that interest in U.S. export purchasing is shifting to corn. In its weekly report, the USDA said export inspections of U.S. corn totaled 2.2 million metric tons for the week ending March 11. That's up from 1.67 million tons the previous week. Of the 2.2 million ton total, 513,411 tons were inspected for export to Japan, while another 356,855 tons were inspected for China. "We look for U.S. export inspections for corn to increase over the next several weeks as imports shift away from soybeans," said Terry Reilly of Futures International.

Allendale Forecasts Higher Acreage Figures -- Market Talk

1105 ET - New forecasts for US farmers planting crops have been released by agricultural research firm Allendale, showing that farmers may plant even more than previously predicted by the USDA. The firm forecasts farmers will plant 92.8M acres of corn, 90.3M acres of soybeans and 46.4M of wheat. That's up from the USDA's forecasts of 92M acres of corn, 90M acres of soybeans, and 45M of wheat provided by the agency in its Agricultural Outlook Forum released last month. Grains futures are mixed in trading on the CBOT Monday. ([e-mail]; @kirkmaltais)

STORIES OF INTEREST:

Indoor Farming Startup Plant-Ag Launches in Florida -- Market Talk

1323 ET - A new indoor-farming company sprouts in Florida, joining a cadre of startups that want to boost sustainability, safety and transparency in the US food system. Armed with $9B in investments and bonds, Fort Lauderdale-based Plant-Ag is breaking ground on the first in a series of greenhouses the company says will grow fruit and vegetables on 3,000 acres, as well as partnering with IBM on technology to allow consumers to trace produce back to the seed it was grown from. The launch comes as demand for fresh produce has surged during the coronavirus pandemic and funding is flowing to other indoor farming firms pitching themselves as an alternative to traditional farms associated with complex supply chains and a history of foodborne illness outbreaks. ([e-mail]; @jessenewman13)

Soybean Crush Drops Well Below Trader Estimates -- Market Talk

1349 ET - The rate of soybeans crushed in the US in February fell well below the previous month, according to the latest data from the National Oilseed Processors Association. The rate of crush hit 155.2 million bushels of soybeans in February, according to NOPA -- down from 184.7 million bushels in January. It's the lowest rate of soy crushing since September 2019. Grains traders had expected the crush rate to fall, but not by as much as NOPA confirmed Monday. "Severe bitter cold in early February likely slowed crush rates as plants moved to maintenance only production," says AgResource. ([e-mail], @kirkmaltais)

Brazil Rains Slowing Soybean Harvest, Hitting Quality -- Market Talk

0824 ET - Brazil's soybean harvest continues to be slowed in many areas by rains that complicate work in the fields and raise concerns about the quality of the oilseeds, according to agricultural consultancy AgRural. The group said harvesting had finished on 46% of the area planted with the crop as of March 11, up from 35% a week earlier but far behind the 59% that had been harvested on the same date a year earlier. Harvesting work is entering final stages in the state of Mato Grosso, Brazil's biggest soybean producer, while in the state of Rio Grande do Sul harvesting is still in early stages, AgRural said. The crop in Rio Grande do Sul has good potential, but more rain in that area would be welcome, said the group, which forecasts a record soybean crop of 133 million metric tons for Brazil's 2020-2021 growing season. ([e-mail])

THE MARKETS:

Hogs Finish Lower Even as Slaughters Ease -- Market Talk

1518 ET - Lean hog futures trading on the CME finished down 0.9% to 90.55 cents per pound. The hog contract fell even though slaughter figures are down. One reason is because packers will push to avoid paying high prices for hogs by slowing down their own operations. "They are going to use any excuse possible to slow things down a bit to make sure the margins don't shrink," says John Payne of Daniels Trading. Meanwhile, most-active live cattle futures finished trading up 1.1% to $1.21775 per pound. ([e-mail]; @kirkmaltais)

(END) Dow Jones Newswires

03-15-21 1728ET